CPC, Formosa hike gasoline, diesel prices on int'l oil rise

Taiwan's two major refiners have raised gasoline and diesel prices, after international oil became more expensive. Both CPC Corp. and Formosa Petrochemical were set this morning raised gasoline and diesel prices by NT$0.2 a liter each. With the price adjustment, CPC Corp., the state refiner, is selling 92-, 95- and 98-grade gasoline at NT$34.7, NT$36.2 and NT$38.2 a liter, respectively, and super diesel at NT$33.6 a liter.

Formosa Petrochemical, CPC's main competitor, is offering its 92-, 95- and 98-grade products at NT$34.6, NT$36.2 and NT$38.4, respectively, and diesel at NT$33.6.

According to CPC, international oil prices have gone up on various factors, including a reduction in U.S. crude reserves at a faster pace than previously expected, and anticipation the U.S. Fed will launch new quantitative easing measures.

The benchmark that CPC uses, an average between oil traded on Dubai and Brent indices, increased to US$112.78 per barrel, up US$1.57 from the US$111.21 a week earlier. Coupled with an appreciation of the New Taiwan dollar by NT$0.09, the increase translates into a price hike of 0.89 percent, or NT$0.2 a liter each for local gasoline and diesel.